Several studies question the usefulness of the Wechsler Intelligence Scale for Children (WISC-IV) in determining giftedness due to the importance of speed in some of its subtests, which may penalize children of high intellectual level. This study analyzes the factor structure of the WISC-IV of gifted children based on confirmatory factor analysis. Participants were eighty-seven gifted children from Spain (6–13 years old). Score discrepancies were also examined for the main indexes: Verbal Comprehension, Processing Speed, Working Memory and Perceptual Organization. Results pointed out four models with a good fit from the five models analyzed: a two-factor model according to GAI subscales (RMSEA = .001, p = .84), a four-factor first-order model including main indexes (RMSEA = .05, p = .19), a four-factor model with g as a direct factor (RMSEA = .001, p = .84) and a four-factor model with g as an indirect higher-order factor (RMSEA = .05, p = .13). Discrepancies were found between Verbal Comprehension and Processing Speed, and between Perceptual Organization and Processing Speed. Verbal Comprehension yielded the highest score, whereas the lowest scores were obtained in Processing Speed and Working Memory. These results support the use of this scale in the assessment and diagnosis of Spanish children with a high intellectual level.